§ 26-1-2-502 — Buyer's right to goods on seller's repudiation, failure to deliver, or insolvency

Indiana § 26-1-2-502

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 2: Sales

Text

(1) Subject to subsections (2) and (3) and
even though the goods have not been shipped, a buyer who has paid a
part or all of the price of goods in which he has a special property
under the provisions of IC 26-1-2-501 may on making and keeping
good a tender of any unpaid portion of their price recover them from
the seller if:
(a) in the case of goods bought for personal, family, or household
purposes, the seller repudiates or fails to deliver as required by
the contract; or
(b) in other cases, the seller becomes insolvent within ten (10)
days after receipt of the first installment on their price.
(2) The buyer's right to recover the goods under subsection (1)(a)
vests upon acquisition of a special property, even if the seller had not
then repudiated or failed to deliver.
(3) If the identification creating his special property has been made
by the buyer, he acquires the right to recover the goods only if they
conform to the contract for sale.
Formerly: Acts 1963, c.317, s.2-502. As amended by
P.L.152-1986, SEC.144; P.L.57-2000, SEC.21.